quiz E-revised - QUIZ E CLASS: Student Number: Student...

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QUIZ E CLASS: Student Number: Student Name: 1. Contingent liabilities must be recorded if: A. The future event is probable and the amount owed can be reasonably estimated. B. The future event is remote. C. The future event is reasonably possible. D. The amount owed cannot be reasonably estimated. E. All of these. 2. The employer should record payroll deductions as: A. Employee receivables. B. Payroll taxes. C. Current liabilities. D. Wages payable. E. Employee payables. 3. An employee earned $4,300 working for an employer. The current rate for FICA social security is 6.2% and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is: A. $ 62.35. B. $266.60. C. $328.95. D. $657.90. E. Zero, since the FICA tax is a deduction from an employee's pay, and not an employer tax. 4. Obligations not expected to be paid within the longer of one year or the company's operating cycle are reported as: A. Current assets. B. Current liabilities. C. Long-term liabilities. D. Operating cycle liabilities. E. Bills. 5. A corporation is authorized to issue 9,000 shares of $5 common stock, the corporation should report paid-in capital from the issuance of common stock of: A. $ 0. B. $ 1,800. C. $45,000. D. B & C. E. None of these. 6. The right to purchase common stock at a fixed price over a specified period is: A. Preferred stock
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B. Class B stock C. Stock option D. Stock restriction E. No-par stock 7. The price-earnings ratio is calculated by dividing:
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quiz E-revised - QUIZ E CLASS: Student Number: Student...

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